Independent financial advisers gain ground as demand for holistic service grows

[SINGAPORE] The life insurance market in Singapore has long been dominated by tied representatives from insurers and bank-affiliated advisers.

But in recent years, independent financial advisers (IFAs) have been steadily carving out a larger share of the industry, as consumer demand shifts towards more holistic financial advice.

Tied agency forces – representing single insurers – continue to make up a significant portion of the industry, while banks leverage their reach and brand to push packaged financial solutions. In contrast, IFAs position themselves as more client-centric and able to offer a wider range of products across different insurers.